European Self Storage Industry Report 2025

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FEDESSA European Self Storage Industry Report 2025 October 2025

2 European Self Storage Industry Report 2025

3 European Self Storage Annual Industry Report 2025

Key Findings Revenue per square metre grows by 5.4% across Europe

Contents

4 Methodology

European average occupancy down 0.8 percentage points

Debtors at 30 days increases to 1.6%

Market Size

90% of self storage businesses actively using AI

Increasing land costs of most

4% point Increase in personal use customers

8 Economy and Industry Investment

concern to operators

18 Awareness and Usage

70% of operators expect rates and occupancy to improve over next 12 months

Males have a higher awareness and understanding of self storage

Growth in remotely managed stores

34 Income Metrics

44 Store Features

58 Future Expectations and Challenges

66 FEDESSA Membership

CBRE RESEARCH AND FEDESSA

European Self Storage Industry Report 2025

European Self Storage Annual Industry Report 2025

Methodology Survey This is the 14th annual survey conducted by the Federation of European Self Storage Associations (FEDESSA) in association with CBRE for a The report analyses demand and supply trends, as well as operational performance across Europe’s self storage market. The findings are informed by the results from the industry survey of FEDESSA members, and a public survey carried out over the last four years, which provides insight into the public perception of self storage. It also calls on data from the SSA UK annual industry report and other industry sources as referenced. Operator The operator survey summarises the key results from surveying 138 self storage operators across continental Europe. Respondents represented 1,447 stores from 16 countries, over a quarter of Europe’s self storage market by storage space. fourth year. Report

All operators surveyed were certified members of FEDESSA at the time of the survey. The operator survey was completed from May to June 2025, based on data in the year up to 31 March 2025. The survey questions targeted operators from continental Europe, where applicable. Public The 2025 public survey total sample size was 5084 adults. 2028 from Germany, 1011 from the Netherlands, 1029 from Sweden and 1016 from Portugal. Fieldwork was undertaken between 22nd July - 4th August 2025 using an online interview administered to members of the YouGov Plc panel of 2.5 million individuals. The survey was carried out online. The figures have been weighted and are representative of each country’s adult population (aged 18+).

*Note: Some percentages will not total 100% due to rounding. The figures have been given an even weighting for each country to pro duce an ‘average’ value. In some cases, methodology used when calculating weighted averages has changed from previous years. Where this is the case, the previous year has been recalculated with the same weighting for comparison. Results are based on a sample and are therefore subject to statistical errors normally associated with sample-based information.

CBRE RESEARCH AND FEDESSA

European Self Storage Industry Report 2025

European Self Storage Annual Industry Report 2025

Market Size

Sweden 530,000 sq m 87.4% €217 Norway 365,000 sq m 73.3% €269 Ireland 210,000 sq m 80.5% €321 France 2,690,000 sq m 80.2% €294 Switzerland 200,000 sq m 75.6% €510 Portugal 140,000 sq m 72.7% €207 UK 6,093,139 sq m 75.1% €375

Determining the exact size of the self storage market in any country is difficult, as it is not a registered or recorded market sector and, as such, few authorities maintain a definitive list of self storage stores. There is also some debate around the precise definition of self storage. For example, some removals companies market themselves as self storage operators, even when customers do not have access to their goods without making an appointment. Similarly, mobile storage—where a unit is delivered to the customer and then removed and returned on request—is often referred to as self storage. According to the CEN standard, the definition of self storage is a system of storage in which the service provider allocates, under the terms of a self storage contract, a finite, securable unit for storage to which the customer has the right to exclusive access. It defines a self storage unit as an individual, self contained, securable unit of storage space which, once occupied, is static within a self storage facility. This would rule out most removals and mobile storage, although it would apply to container-based storage. When analysing the size of the industry, we have attempted to count stores based on the CEN definition. Each year, FEDESSA conducts an in-depth analysis of one or two individual markets to gain a better understanding of their size. This involves referencing all known sources of data on the industry, online data analysis, and visiting stores to validate questionable data. This year, the German market was analysed. Improved analysis each year often identifies sites that were not found in previous reports, particularly micro sites and container operators. This accounts for some of the growth in store numbers and total size, rather than it being solely due to new space added in the past 12 months. We estimate that Europe has 10,571 self storage stores, with 17.7 million square metres of storage space. The top four countries—the UK, France, Spain and Germany—account for 68% of stores and 75% of total space. The UK holds 34.5% of self storage space in Europe, followed by France with 15.2%, Germany with 13.6%, and Spain with 11.3%.

Poland 225,000 sq m 78.1% €182 Denmark 340,000 sq m 89.3% €316 Netherlands 1,240,000 sq m 85.3% €243 Finland 220,000 sq m 74.9% €286 Austria 346,000 sq m 73.7% €326 Germany 2,394,734 sq m 75.0% €292 Romania 60,000 sq m 78.3% €136

Belgium 260,000 sq m 88.4% €235

Italy 190,000 sq m

Spain 2,000,000 sq m

81.4% €265

77.3% €304

€ Average annual net rental rates per sq m/annum exclusive of VAT

Sq m total floor space

% Average store occupancy

CBRE RESEARCH AND FEDESSA

8 European Self Storage Industry Report 2025

9 European Self Storage Annual Industry Report 2025

Economy and Industry Investment 01

Consumer led economic recovery continues

Despite increased uncertainty in the global economy, Europe’s consumer-led economic recovery continues, albeit at a slower pace. Recent falling interest rates and rising real incomes continue to be supportive of consumer spending and there has been a recovery in consumer sentiment since the end of 2022. However, GDP growth across Europe has been weaker in the last

two years owing to higher inflation, increases in interest rates, fiscal constraints and, more recently, uncertainty over U.S. tariff policy. This year, growth has remained below 2.5% when measured on a year-on-year basis. Spain has been an exception, experiencing the strongest growth over the past three years, with much of this attributable to tourism.

Euro Area GDP growth and HICP (%)

-5

-10

-15

-20

2019-Q1

2019-Q2

2019-Q3

2019-Q4

2020-Q1

2020-Q2

2020-Q3

2020-Q4

2021-Q1

2021-Q2

2021-Q3

2021-Q4

2022-Q1

2022-Q2

2022-Q3

2022-Q4

2023-Q1

2023-Q2

2023-Q3

2023-Q4

2024-Q1

2024-Q2

2024-Q3

2024-Q4

2025-Q1

2025-Q2

GDP year-on-year growth rates (Euro Area) Harmonised Index of Consumer Prices (HICP)

Source: Eurostat, ECB

CBRE RESEARCH AND FEDESSA

European Self Storage Industry Report 2025

European Self Storage Annual Industry Report 2025

Global uncertainty continues to be downside risk

Following four cuts by the ECB earlier this year, one further interest rate cut of 25bps towards the end of the year is expected, putting the main refinancing rate at 1.9% as inflation continues to hover around 2%. The BoE cut rates to 4.00% in August, and CBRE anticipate one more cut to the UK Bank Rate this year. Early in the year, the prospect of lower inflation and policy rate

cuts helped reverse the increases in longer dated debt costs that followed the German fiscal policy announcement in March. However, this reversal has not been sustained and, through the rest of the year, inflation concerns and political instability mean it is likely that long rates will stay elevated in the medium-term.

Increased global uncertainty continues to be a downside risk to the economic outlook. Changes to U.S. trade policy created headwinds for the global economy and stunted activity this year. U.S. President Trump and the President of the European Commission, Ursula von der Leyen, have negotiated a deal in principle for a 15% tariff on almost all European exports to the U.S., except for steel, aluminium, and pharmaceuticals. A UK deal was reached in May that set a 10% tariff on UK exports to the U.S., with similar exceptions and some exemptions. The pace of policy changes has lowered business sentiment and long-term growth expectations. As a result, firms remain cautious, limiting employment growth in the short-term.

Real estate investment activity in Europe continued to grow gradually in the first half of the year. While the start of Q2 was affected by trade policy uncertainty, the transaction market has improved since June as global investor sentiment recovered and the outlook for H2 is promising. The recovery in real estate capital markets is largely driven by liquidity in debt financing. Improved sentiment among lenders is evident from CBRE’s 2025 European Lenders Intention Survey, where after two years of low origination activity, almost 80% of lenders expect to lend more to real estate in 2025. There was increased interest in Self Storage compared with last year, bringing the sector to fourth place among preferred alternative sectors to lend against.

Euro Area 10 year government bond yields and ECB rates (%)

5.00

4.00

3.00

2.00

1.00

0.00

-1.00

2004-Q3

2005-Q2

2006-Q1

2006-Q4

2007-Q3

2008-Q2

2009-Q1

2009-Q4

2010-Q3

2011-Q2

2012-Q1

2012-Q4

2013-Q3

2014-Q2

2015-Q1

2015-Q4

2016-Q3

2017-Q2

2018-Q1

2018-Q4

2019-Q3

2020-Q2

2021-Q1

2021-Q4

2022-Q3

2023-Q2

2024-Q1

2024-Q4

2025-Q3

10 year government bond yields (Euro area)

ECB main refinancing rate

Source: Eurostat, ECB

CBRE RESEARCH AND FEDESSA

European Self Storage Industry Report 2025

European Self Storage Annual Industry Report 2025

Self storage investment softens as global economic uncertainty tests pricing

A challenging year for self storage

Despite a stand-out year for the European self storage investment market in 2024, undoubtedly the sector has faced challenges in 2025, resulting in a more nuanced performance year to date. Sustained economic and political uncertainty has weighed on the sector, dampening investor sentiment and activity. The sector has had to navigate long term fall-out of tariff negotiations globally, softening of European housing markets, material tax hikes in the UK as well as major political elections. This has led to a marked reduction in transaction volumes with investors becoming more circumspect and cautionary when deploying capital. Despite this, the European self-storage investment market has proven its resilience. It remains underpinned by strong operator profitability and strong financing liquidity, enabling operators and investors to weather a softening observed in the wider market. This is particularly seen when comparing with more heavily geared operational sectors like hospitality and leisure. We have seen operators continuing to expand across Europe

with Safestore entering Italy, Bluespace entering Portugal and Italy and Zebrabox moving into France and Spain, as well as significant M&A transactions proliferating. A number of high value portfolios were placed on the market in 2024/5 but then subsequently paused or removed for a variety of reasons, primarily focussed around global economic uncertainty. Access Self Storge in the UK being the most significant. Had any of these sales proceeded then then the level of investment in the industry would have been similar or greater than the last couple of years. It is hard to predict the level of transactional activity in the next 12 months. Some of the large, paused transactions may return to market and other smaller operations are preparing for sale. The investment market has also continued to mature, attracting a broader buyer landscape looking for new investment products able to cater for institutional pension funds, superannuation funds and infrastructure funds.

Toward the end of Q4 2024, we saw the market continue to gather momentum supported by an improving macro-economic environment and an expectation that successive rate unwinding between the US Federal Reserve, European Central Bank and Bank of England would see the return of low-cost capital seeking operational risk and diversifying their existing real estate holdings. Transaction volumes last year were the highest on record, with €1.2bn transacted, buoyed by large purchases by Shurgard in particular, whist Nuveen took SSG private in November 2023. The positive momentum began to flatten in Q1 2025, with the Trump administration launching a series of co-ordinated trade tariff discussions with major partners globally. This caught the investment market off-guard and the continued fall out of this, the ongoing conflict in Ukraine and the Middle East and resultant political uncertainty has served to dent investor participation in all real estate sectors inclusive of the self-storage sector.

With fewer investors participating in self storage M&A processes and remaining participants more risk averse than they were 12 months before, pricing levels were re-tested and trading volumes have been significantly impacted. Since H1 2025, investor sentiment has improved, buoyed by private and public operator trading updates, which have demonstrated the long-term profitability of the sector as whole. Since Q1 2025, financial institutions have become less active, and private equity funds are now making up a circa 60% of YTD transaction volumes. These investors are typically deploying value-add strategies and targeting geared IRR’s of over 17%. This differs from previous years where capital has typically originated from REITS and financial institutions, who typically deploy lower cost capital.

YTD Investment Volumes (by investor type)

2025

Total

Institution

12%

Private Equity

59%

REIT / Operator

12%

Money Manager

17%

Private Operator

CBRE RESEARCH AND FEDESSA

European Self Storage Industry Report 2025

European Self Storage Annual Industry Report 2025

Real Estate Private Equity re-enters self storage market

Encouragingly, we have also seen high profile real estate private equity funds re-enter markets across Europe after exiting historic investments. Examples include Centerbridge’s acquisition of Second Space in the Nordics as well as the acquisition of Servistore by Heitman. These investors have a deep track record of acquiring growth platforms and exiting to lower cost capital institutions at strong EBITDA multiples. Whilst there are pockets of Core+ capital continuing to underwrite the self storage sector, some of these investors have repriced their cost of equity, to reflect heighted risk globally, softened consumer sentiment and shifts in the self storage investor landscape. In terms of capital geographical origination, the sector continues to see an influx of North American and Middle Eastern capital looking to take advantage of sidelined capital and this includes new strategic operators considering European expansion as well as new limited partners, including sovereign wealth and superannuation funds looking to collaborate with general partners. These investors continue to see the European self storage sector as a nascent but high growth market capable of diversifying their capital and driving long term rental growth and

capital appreciation. Examples include PGIM’s entrance to the French self-storage market, partnering with Pithos Capital and Zebrabox. 2025 YTD transaction volumes are €260m and are over 3x lower than 2024 LFL performance of €875m. Whilst there is a further circa €200m of pipeline deals expected to close in 2025, this would still show a significant normalisation of transactional evidence compared to the full year 2024 record of €1.2bn. We have also seen a preference to transact in Europe, with UK transactions only recording €66m YTD versus €591m YTD last year. This is primarily driven by a perception of stronger medium term growth rates in Europe and the cost of debt, which remains significantly lower than UK SONIA. It should also be noted that last years UK figures were inflated by the €473M enterprise value purchase of Lok’n Store by Shurgard. Transaction volumes have been disproportionately impacted by multiple high-profile transactions on pause. Those include Storage24 in Germany, France and Nordics, Less Mess in Poland & Czechia and Access Self Storage in the UK. Together, these transactions account for circa €2.5bn of transaction volume.

Transactions completed within the last 12 months include Nuveen’s successful Dec-24 acquisition of EasyBox in Italy, which was structured as a Joint Venture with Safestore. This was a major benchmark transaction for the Italian market and was funded by Nuveen’s General Account. Pricing was reported at €175m, reflecting circa 27x on forward looking 12-month EBITDA. The business traded with 10 operational stores and 2 development assets, totalling 72,762 sqm of MLA.

In the UK market Schroders closed the acquisition of three additional stores for their continued self-storage expansion programme. This involved two stores in ramp-up and a development site. The stores are operated and managed by Flexiss Group. In France, Ardian has continued its expansion via the purchase of Atout-Box, with 7 stores in the Occitanie region. Since the acquisition of Costockage in 2023, the business has grown to 19 stores.

Total EU Self Storage Investment Volumes (€m) 2018-2025 (Pipeline)

€1,400m

€1,200m

€1,000m

€540m

€800m

€727m

€600m

€495m

€338m

€400m

€191m

€677m

€117m

€120m

€200m

€194m

€300m

€270m

€100m

€252m

€159m

€155m

€76m

€66m

€0m

2018

2019

2020

2021

2022

2023

2024

2025

Total UK Investment Volume Total Europe Investment Volume

2025 Estimated Pipeline

CBRE RESEARCH AND FEDESSA

European Self Storage Industry Report 2025

European Self Storage Annual Industry Report 2025

Positive outlook with some stability

Whilst the European self storage investment market continues to face challenges, it’s well positioned to weather short term economic headwinds underpinned by structural under supply, increasing urbanisation rates and low public awareness rates. Investors continue to view the sector favourably with significant amounts of equity available for deployment. New entrants to the market including superannuation funds continue to search for prime, mature trading, purpose-built portfolios of scale operated by a proven management team capable of optimising and further expanding the business. Where these opportunities can be identified and verified through detailed due diligence, platform premium pricing can be achieved. We will continue to see the bifurcation of product between purpose built, best in class facilities classified as investment grade and lower quality legacy assets marked accordingly. The sector also continues to benefit from one of the strongest debt markets in the operational real estate sector and so we would expect operators to continue focusing on organic platform growth strategies including strategic development and investment into management, technology and sustainability accreditation.

We anticipate a stabilising of transaction volumes in 2025/26 whilst economic sentiment normalises, and the impact of successive rate cuts and trade deals take effect. During this period, we will also see new supply trade-up to a mature position, thereby providing new investment opportunities that cater to a growing interest from institutional investors with Core+ capital pots and a requirement for deploying at scale day 1. That said, the continued success of the sector depends on re-building momentum in the domestic housing sectors as well as improvement in business sentiment more generally. If these factors are addressed, we will likely see the return of large M&A transactions and a significant uplift in transaction volumes. We expect to see close to €450m of self storage volume transacted by year end. A number of high profile M&A deals are being tracked, which if closed would lead to a return to €1bn+ investment volumes. However the majority of these deals are expected to come to market in 2026-2027.

CBRE RESEARCH AND FEDESSA

18 European Self Storage Industry Report 2025

19 European Self Storage Annual Industry Report 2025

Potential for growth in usage

Awareness and Usage

Across Europe, an average of around 4% of the population currently use self storage, 10% have used it in the past, and 12% have considered it but have yet to become customers. While these figures may seem low, particularly when compared with the USA, where usage is roughly five times higher, the European market operates under very different conditions. Land and property suitable for self storage development are scarcer, and planning restrictions are often more stringent. As a result, even if demand were to rise sharply, the available supply would be insufficient to meet it. Historically, European markets have grown at a relatively steady, linear pace, with supply and demand kept in balance through careful pricing. On a like-for-like basis, self storage in Europe is

typically more expensive than in the USA, largely due to this limited supply and the difficulty of adding new space quickly. The data also reveals a substantial pool of potential customers. People who have considered self storage but ultimately chosen not to use it. Understanding why these individuals fail to convert is key. Do they opt for free alternatives, such as storing goods with relatives? Do their circumstances change, removing the need for storage? Or does price remain the main barrier? Converting even a quarter of this group into active customers would have a significant impact on market dynamics, influencing both supply demand balance and the prices operators could command.

Usage

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Don't know / can't recall

I have not considered or used self storage I have considered using self storage but I have not used it yet I have used self storage previously but not in the last 12 months I have used self storage in the last 12 months but am no longer using it I am currently using self storage

Italy Netherlands

Spain

France

Ireland

Poland

Austria

Sweden

Portugal

Germany

Denmark

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European Self Storage Industry Report 2025

European Self Storage Annual Industry Report 2025

Industry Awareness

Awareness higher with general marketing campaigns and store concentration

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

9% 5%

11%

13%

10%

11%

14%

16%

23%

21%

27%

16%

25%

33%

32%

33%

37%

39%

26%

41%

32%

34%

35%

38%

51%

34%

70%

40%

54%

51%

47%

41%

40%

37%

31%

20%

13%

Italy

Spain

Awareness of self storage remains a significant challenge for the industry in Europe. On average, only 29% of survey respondents said they knew at least a reasonable amount about self storage, while 36% had never heard of it. Given the industry’s rapid expansion across Europe, most people in the surveyed countries are likely to have at least one self storage facility in their local area, so awareness should be higher. One contributing factor is that much of the industry’s marketing spend is directed towards AdWords and similar online advertising, which primarily targets people already searching for self storage. As a result, awareness is often driven by exposure to high-profile or nearby stores, or through increased usage and word of mouth. This means awareness generally improves as the industry grows. The UK, as the most mature market in Europe with the highest supply per capita, also enjoys the highest awareness levels. Ireland ranks second for awareness, likely boosted by the broad-based advertising campaigns of

NESTA, one of Dublin’s major operators. Their extensive billboard and mass media campaigns actively promote the use of self storage. Awareness is particularly high in Dublin, where these campaigns are concentrated, although the city also has the highest store density in the country. A similar pattern emerges in Poland. In this developing market, where self storage provision per capita is still low, awareness is noticeably higher in major cities where Less Mess operates. This is supported by their extensive general marketing, aimed at encouraging people to consider self storage. Austria also records relatively high awareness, likely influenced by the large number of small unmanned stores, particularly in major cities such as Vienna. Austria has the highest concentration of these facilities, with multiple sites sometimes located on the same street, meaning people are far more likely to encounter a store close to where they live or work.

France

Poland

Austria

Ireland

Sweden

Portugal

Germany

Denmark

Netherlands

I have heard of self storage and know the service that is offered very well I have heard of self storage and know a reasonable amount about the service that is offered I have heard of self storage but know nothing about the service that is offered I have never heard of self storage

This data is now collected regularly for a select number of countries, and results show that awareness is generally improving over time. However, the rate of improvement is less pronounced in mature markets such as the UK. Sweden, another mature market, even recorded

a slight decline in awareness between 2023 and 2025. This supports the view that awareness tends to rise as a market develops and people are exposed to more stores, but the pace of improvement slows once the market reaches maturity.

Awareness Over Time

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

10%

11%

18%

27%

31%

33%

37%

43%

32%

35%

36%

38%

40%

38%

46%

31%

24%

20%

Austria 2025

Austria 2024

Germany 2025

Germany 2024

UK 2025

UK 2024

CBRE RESEARCH AND FEDESSA

European Self Storage Industry Report 2025

European Self Storage Annual Industry Report 2025

Males have higher awareness

A needs based product It is important to recognise that self storage is a needs-based product. People with no perceived need for it are unlikely to actively search for self storage and, as a result, are less likely to be aware of it. This is similar to how people without pets are often unable to name their local veterinary practices.

they would place in storage, it becomes clear that those with a perceived need have a greater understanding of, and familiarity with, the industry. The challenge for operators is to identify and reach people who may in fact have a need for self storage but, due to limited awareness or understanding, do not recognise it as a viable solution.

When analysing the data by age and gender, there is a slight increase in awareness among people aged 35–54, which is also the demographic most likely to use self storage. Awareness is noticeably higher among men than women, although usage patterns show only a marginally greater uptake by men.

This raises the question of whether self storage marketing is currently more effective at reaching men, or whether men are more likely to have an initial pressing need for the service and therefore actively seek out local facilities. If so, this could present an opportunity for operators to more deliberately target female customers through tailored messaging and marketing channels.

When the awareness data is analysed by respondents who indicated they had items

Awareness by age

Awareness by gender

Awareness by potential need

100%

90%

45%

90%

23%

27%

30%

32%

33%

36%

80%

40%

70%

35%

60%

30%

50%

25%

42%

40%

20%

77%

39%

73%

70%

68%

67%

64%

33%

30%

15%

30%

28%

20%

10%

15%

10%

18 - 24 25 - 34 35 - 44 45 - 54

55+

Male

Female

I have never heard of self storage

I have heard of self storage but know nothing about the service that is offered

I have heard of self storage and know a reasonable amount about the service that is offered

I have heard of self storage and know the service that is offered very well

Good awareness Limited or no awareness Don't know 3%

I have items to put into storage

I do not have any items to put into storage

CBRE RESEARCH AND FEDESSA

European Self Storage Industry Report 2025

European Self Storage Annual Industry Report 2025

Store concentration increases awareness

Across Europe, only 42% of people were aware of a self storage facility in their local area. The Netherlands records the highest level of store recognition, supported by one of the highest levels of self storage provision per capita and strong penetration across the entire country. Several operators also have portfolios featuring very high profile sites, further boosting visibility. As noted previously, Austria benefits from a large number of small stores in its major cities, contributing to higher awareness levels. In contrast, Italy, Poland, and Portugal are still developing markets, with secondary cities and rural areas having limited self storage presence.

These markets also have fewer major operators with prominently located sites, which contributes to lower recognition rates. France remains an anomaly in the data. Despite being a relatively mature market with facilities spread across much of the country, it scores lower than other similarly mature markets such as Sweden and Germany in all measures of awareness and understanding. Language may be a contributing factor, as “self storage” does not translate directly into French. Instead, operators use a variety of terms based on “boxes” and “warehousing” to describe the product, which may dilute public recognition.

Further analysis shows that store recognition is notably higher in the Netherlands, where 8% of people recognise five or more self storage facilities in their local area—compared with just 1–2% in most other countries. Sweden also records relatively high recognition of multiple stores. In Germany, a large proportion of people are aware of one store in their area, but recognition drops sharply beyond that, with few identifying three or more. This pattern supports the idea that store recognition is stronger in more urbanised countries. Approximately 93% of the Dutch population live in urban areas, compared with

around 88% in Sweden, 81% in France, and 78% in Germany. Self storage typically performs best in high density population areas, which often coincide with smaller homes, limited storage space, and, in major cities, above-average income levels. These conditions support a greater number of stores— often larger, high-profile facilities—within a small geographic area. Given that most customers do not travel more than 15 minutes to their chosen self storage facility, urban environments maximise the potential customer base within each store’s catchment area.

How many local stores do you know of?

Can you name one or more local storage brands?

35%

30%

80%

25%

70%

60%

20%

50%

15%

40%

69%

30%

10%

59%

49%

51%

47%

20%

33%

31%

29%

28%

24%

10%

21%

More than 5

One or more

Austria

Denmark

France

Germany

Ireland

Italy

Austria

Denmark

France

Germany

Ireland

Italy

Netherlands Poland

Portugal

Spain

Sweden

Netherlands Poland

Portugal

Spain

Sweden

CBRE RESEARCH AND FEDESSA

European Self Storage Industry Report 2025

European Self Storage Annual Industry Report 2025

Social channels a high source of awareness

This year, additional questions were included to determine how people became aware of their local self storage facilities. Respondents could select multiple answers, and those unable to recognise a site were excluded from the analysis. Across most countries, site visibility emerged as the most common source of awareness, with the exception of Portugal—a developing market with

fewer facilities—where it played a smaller role. Notably, online advertising, despite accounting for the majority of the industry’s marketing spend, ranked among the lowest sources of awareness and was surpassed by social media in most markets. Referrals were the second most common source of recognition, yet many self storage operators do not currently run active referral programmes.

When breaking down this data by age, it becomes clear that younger generations are more likely to learn about self storage through social channels such as friends and family, social media, or advertising, rather than through store visibility or location. As this demographic ages and becomes

more likely to use self storage, it will be important for operators to adapt their marketing strategies to reflect this trend, placing greater emphasis on the channels that resonate most with younger audiences. There was negligible difference in the data by gender.

Source of recognition (By age)

Source of recognition

70%

60%

80%

70%

50%

60%

40%

50%

30%

40%

30%

20%

10%

The self storage facility is directly visible on the road

Friend or family

Outdoor advertising (e.g. billboards, transport advertising etc.)

Social media

Online advertising

Advertising on TV

Advertising in a local paper

Other

Advertising on radio

The self storage facility is directly visible on the road

Friend or family

Outdoor advertising (e.g. billboards, transport advertising etc.)

Social media

Online advertising

Advertising on TV

Advertising in a local paper

Other

Advertising on radio

18 - 24

25 - 34

35 - 44

45 - 54

55+

Germany

Netherlands

Sweden

Portugal

CBRE RESEARCH AND FEDESSA

European Self Storage Industry Report 2025

European Self Storage Annual Industry Report 2025

Understanding of benefits is low

Respondents were also asked to qualify their knowledge of self storage by answering key questions about the services offered. The results revealed that some customers who believed they understood self storage well were unaware of core features such as flexible contracts and the principle of “you lock it and keep the key.” On a positive note, there was a significant decrease in the proportion of people stating they did not have anything to put into self storage, as well as a decrease in those who believed the

service was expensive. However, improvements in understanding other key elements were mixed. Fewer respondents recognised that only they have access to their goods, and that contracts are flexible. While awareness that self storage exists—and that goods can be stored in these facilities—appears to be growing, the data highlights an ongoing gap in understanding how the service operates and the benefits it offers potential customers.

Understanding

I don't have anything I'd put into self storage

There is a range of unit sizes to suit people's needs

Only the customer can access their goods, not the store staff

Self Storage is expensive

Self storage contracts are flexible

Self storage buildings are like a big warehouse inside

Self storage buildings are very secure

Self storage buildings always look closed

Self storage is mostly used by businesses

I am not sure what self storage buildings are for

Self storage is only for expensive items

10%

20%

30%

40%

50%

Europe 2024

Europe 2025

CBRE RESEARCH AND FEDESSA

European Self Storage Industry Report 2025

European Self Storage Annual Industry Report 2025

Store visibility less important when researching a store

When asked how they would find a store to contact, the internet was, unsurprisingly, the most common source of information. However, at 68% of respondents, this figure is perhaps lower than expected. Once again highlighting the influence of referrals, asking a friend or family member was just as popular as having prior knowledge of

a store’s location. This suggests that while people may be aware of a business due to its physical presence, they will not automatically choose it. Instead, they are likely to conduct further research, either online or through their personal networks, before making a decision.

Looking at the data by age, the growing influence of social media and referrals among younger people is clear. Interestingly, those under 35 are less likely to use the internet to research a store compared with older generations. This suggests

that self storage operators aiming to attract this demographic should place greater emphasis on social media engagement and targeted referral campaigns to drive awareness and conversion.

How would you find a self storage store to contact? (By age)

How would you find a self storage store to contact?

80%

70%

60%

50%

40%

30%

68%

30%

20%

10%

20%

10%

20%

13%

Location (I know a store nearby)

Via an internet search

Via my local paper

Local directory

Ask a friend or family member

Social media

Other

Don't know

Location (I know a store nearby)

Via an internet search

Via my local paper

Local directory

Ask a friend or family member

Social media

Other

Don't know

18 - 24

25 - 34

35 - 44

45 - 54

55+

CBRE RESEARCH AND FEDESSA

European Self Storage Industry Report 2025

European Self Storage Annual Industry Report 2025

Multi-channel approach required for enquiries

The survey also explored how people prefer to contact a store to make a booking, revealing notable regional variations. In Portugal, customers are more likely to visit a store in person. This can be advantageous for operators, as walk-in customers are less likely to visit multiple locations, resulting in higher conversion rates. However, it also means that if a customer chooses a competitor’s store to visit, there is little opportunity to be considered.

In Sweden, where technology adoption is generally more advanced and the proportion of unmanned stores is higher than average, reliance on walk-ins is lower. Instead, customers are more inclined to use online chat and email. Despite these regional differences, no single contact method dominates across all markets.

Breaking the data down by age reveals trends consistent with earlier findings: younger demographics are more likely to use social media and online chat, and less likely to email or visit a store in person. The 55+ age group is more inclined to visit a store to make a booking. Gender differences are also apparent, with men more likely to visit a store, while women show a preference for calling by phone or sending an email.

While it may be tempting for operators to steer customers towards phone or in-person interactions, methods that often make the sales process easier and improve conversion rates, this data highlights the importance of offering a true multi-channel approach. Providing multiple contact options ensures that customer preferences are met. It will be interesting to monitor whether the use of social media and online chat continues to grow over time, particularly as AI reshapes the way people interact with businesses online.

How would you prefer to contact a store to make a booking?

How would you prefer to contact a store to make a booking? (By gender)

35%

30%

25%

10% 15% 20% 25%

20%

15%

10%

By calling the self storage store directly on the phone

By visiting the self storage store in person

By using email to directly contact self storage store

By using social media, WhatsApp or another messaging service to contact the store

By using online chat

None of these

Don't know

By calling the self storage store directly on the phone

By visiting the self storage store in person

By using email to directly contact self storage store

By using social media, WhatsApp or another messaging service to contact the store

By using online chat

None of these

Don't know

Male

Female

Germany

Netherlands

Sweden

Portugal

CBRE RESEARCH AND FEDESSA

34 European Self Storage Industry Report 2025

35 European Self Storage Annual Industry Report 2025

Occupancy changes vary between countries

Income Metrics

discounting policies. In many markets, up-front discounting increased as a means for operators to increase their occupancy. However, not all operators chose to focus on occupancy; others instead pushed up rental rates, particularly on existing customers, potentially sacrificing some occupancy to increase overall revenue from storage space. This resulted in mixed results in terms of both occupancy and revenue, but when balanced out, most businesses increased their levels of profits overall.

The 12 months to April 2025 were a challenging time for the industry. The ongoing impact of inflationary pressures, numerous elections, and political uncertainty, along with a softening of the residential property market in most countries, combined to impact demand for self storage. Whilst demand continued to grow, it was not at the levels seen previously. Combined with more supply entering the market than in previous years, there was also more competition for customers. This led operators to consider their pricing and

Occupancy

89% 89%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

84%

86%

84% 81% 85%

85%

83%

88% 89%

79%

80%

72%

80%

78%

77% 87% 76%

77%

68%

77%

72%

78%

74%

78% 73%

78% 75%

70%

75%

60%

73%

Italy

Spain

France

Poland

Europe

Austria

Ireland

Finland

Norway

Sweden

Belgium

Portugal

Romania

Germany

Denmark

Switzerland

Netherlands

United Kingdom

2024 2025

This data needs to be considered alongside the following revenue growth chart to evaluate if the occupancy changes are a result of pricing decisions or reflective of other influences from the broader market.

Overall, occupancy across Europe dropped by 0.8 percentage points. As the chart shows, this averages out some countries like Spain, Portugal, Finland and Poland, who all increased occupancy by more than 5 percent, while Switzerland, France and Austria, all saw drops of more than 5 percent.

CBRE RESEARCH AND FEDESSA

36 European Self Storage Industry Report 2025

37 European Self Storage Annual Industry Report 2025

Rental rates increase in most markets

Different approaches to pricing and occupancy

have more aggressively pushed rates, while others, like Sweden and Germany, have seen a decrease in rental rates from storage space. Note also that all figures have been converted into Euros, so currency conversion changes can also affect comparison of rates somewhat.

of customers take up front discounts, and churn is higher in younger stores. Most countries have increased rates or occupancy at a larger rate than they have dropped the other element, while some countries, such as Italy and Spain, have increased both to maximise their increase in overall revenue. It will be interesting to see how this changes in the next 12 months and if those markets like Switzerland that have aggressively pushed fees, will be able to pick up the lost occupancy while maintaining strong fees if demand for the product increases.

Rental rates per square metre of occupied space across Europe increased by 5.4 percent to €312.56. This is significantly more than the drop in occupancy, indicating the industry overall was more profitable in terms of income from storage space. Once again, we can see that some countries

This chart more clearly shows how each country has performed in totality by showing how both occupancy and revenue have changed. You can see the countries that are pushing rates while potentially losing occupancy, and those that have managed to increase both rental rates and occupancy. Germany and Austria stand out as the only markets that dropped both occupancy and revenue. They are also the markets with the largest amount of small, micro stores, which could be influencing the results. Portugal is a developing market with more stores in fill up stage. This would likely explain the push for occupancy at the expense of rates. Generally, a greater portion

Average rental rate for storage space per square metre of occupied space ex VAT (€)

600

510

456

500

Change in metrics 2024 - 2025

375

400

330

15%

340

326

321

316

312 297

313

304

289

297

286 294 292

295

10%

300

269

279 268

265

201

261

243

237

235

229

235

207

231

217

182

200

176

136

-5%

100

-10%

Italy

Spain

Poland

France

Europe

Austria

Ireland

Norway

Sweden

Finland

Belgium

Portugal

Germany

Denmark

Italy

Spain

Switzerland

Netherlands

France

Poland

Austria

Europe

Ireland

Sweden

Finland

Norway

Belgium

Portugal

Romania

Germany

Denmark

Switzerland

Netherlands

Revenue change Occpancy Change

2024 2025

CBRE RESEARCH AND FEDESSA

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